 "Glenmark Pharma surges on strong June quarter results")
Glenmark Pharmaceuticals has surged 6% to Rs 630 in otherwise weak market on NSE after reporting a strong 44% year-on-year (yoy) jump in consolidated profit at Rs 185 crore on back of strong revenue growth for the quarter ended June 2014. The company had profit of Rs 129 crore in year ago quarter.
For the first quarter ended June 30, 2014, Glenmark’s consolidated revenue was at Rs 1,487 crore as against Rs 1,238 crore in the corresponding quarter recording a growth of 20%. EBITDA or operating profit margins improved 300 basis points to 23% from 20%.
"We have delivered strong results backed by good performances by our India, Rest of the World, Europe and LATAM (Latin America) businesses. While we outperformed in the Indian Pharmaceutical market with a growth of over 20%," company's Chairman and MD Glenn Saldanha said.
The stock opened at Rs 610 and touched a high of Rs 633 on NSE. A combined 1.33 million shares changed hands on the counter so far NSE and BSE.
For the first quarter ended June 30, 2014, Glenmark’s consolidated revenue was at Rs 1,487 crore as against Rs 1,238 crore in the corresponding quarter recording a growth of 20%. EBITDA or operating profit margins improved 300 basis points to 23% from 20%.
"We have delivered strong results backed by good performances by our India, Rest of the World, Europe and LATAM (Latin America) businesses. While we outperformed in the Indian Pharmaceutical market with a growth of over 20%," company's Chairman and MD Glenn Saldanha said.
The stock opened at Rs 610 and touched a high of Rs 633 on NSE. A combined 1.33 million shares changed hands on the counter so far NSE and BSE.